New Delhi: Chennai Petroleum Corporation Limited (CPCL) reported a standalone net profit of Rs 1,016.67 crore for the quarter ended June 30, reversing a net loss of Rs 56.62 crore in the corresponding quarter a year earlier. Revenue from operations rose 57.14 percent year-on-year to Rs 29,358.75 crore from Rs 18,683.36 crore. Profit before tax stood at Rs 1,365.56 crore against a pre-tax loss of Rs 80.10 crore a year earlier. Earnings per share, not annualised, was Rs 68.27 against a negative Rs 3.80.
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The company put its average gross refining margin for April–June 2026 at USD 8.78 per barrel, against USD 3.22 per barrel in April–June 2025.
Against the immediately preceding quarter, the direction reverses. Standalone net profit was down 27.36 percent from Rs 1,399.70 crore in the March 2026 quarter, and profit before tax down 27.76 percent from Rs 1,890.40 crore — even though revenue from operations rose 43.53 percent from Rs 20,455.29 crore. The June quarter of FY2026-27 captured the full impact of the West Asia crisis which caused high volatility in the global crude oil price movement.
The gap sits in the input line. Cost of materials consumed rose 73.67 percent sequentially to Rs 25,708.27 crore from Rs 14,803.34 crore, outpacing the revenue increase. Material cost absorbed 87.57 percent of revenue from operations in the June quarter against 72.37 percent in the March quarter, a swing of more than 15 percentage points.
Total expenses rose 50.71 percent sequentially to Rs 28,010.89 crore, against a 43.47 percent rise in total income.
A note to the results states that following a retrospective revision in the prices of certain petroleum products with effect from March 16 this year, additional revenue of Rs 385.21 crore relating to supplies made during March 2026 has been recognised in the current quarter.
That sum is equivalent to 28.21 percent of the quarter's reported profit before tax. Deducting it on a pre-tax basis leaves Rs 980.35 crore.
The company itself treats the item as belonging to the prior year for margin purposes. The note states that the GRM of USD 8.78 per barrel excludes the Rs 385.21 crore, as it pertains to the previous financial year.
Crude throughput was 2.848 million metric tonnes in the June quarter, down 4.46 percent from 2.981 MMT a year earlier and down 2.80 percent from 2.930 MMT in the March quarter. It also runs 2.72 percent below the FY26 quarterly average of 2.928 MMT implied by full-year throughput of 11.710 MMT.
Revenue from operations rose 57.14 percent year-on-year while crude processed fell 4.46 percent. On a throughput basis, revenue worked out to roughly Rs 10,309 crore per MMT in the June quarter against roughly Rs 6,267 crore a year earlier and roughly Rs 6,981 crore in the March quarter. Cost of materials on the same basis moved from roughly Rs 4,767 crore per MMT to roughly Rs 9,027 crore.
Excise duty fell 48.61 percent year-on-year to Rs 1,989.48 crore from Rs 3,871.26 crore, and 45.31 percent from Rs 3,637.97 crore in the March quarter. As a proportion of revenue from operations it fell to 6.78 percent from 20.72 percent a year earlier and 17.79 percent in the March quarter.
Finance costs rose to Rs 52.14 crore from Rs 37.04 crore a year earlier, up 40.77 percent, and from Rs 16.42 crore in the March quarter, up 217.54 percent. The June quarter figure alone accounts for 43.43 percent of the Rs 120.07 crore in finance costs booked across the whole of FY26.
Other movements were smaller. Employee benefits expense was Rs 140.60 crore, up 6.24 percent year-on-year and down 4.61 percent sequentially. Other expenses were Rs 485.18 crore, up 14.56 percent year-on-year and down 23.56 percent sequentially. Depreciation and amortisation was Rs 154.92 crore, up 2.66 percent year-on-year and 3.23 percent sequentially. Other income was Rs 17.70 crore against Rs 9.25 crore a year earlier and Rs 20.85 crore in the March quarter.
Tax expense totalled Rs 348.89 crore — current tax of Rs 333.31 crore and deferred tax of Rs 15.58 crore — an effective rate of 25.55 percent. The year-ago quarter carried no current tax charge and a deferred tax credit of Rs 23.48 crore. The effective rate was 25.96 percent in the March quarter and 25.71 percent across FY26.
Consolidated net profit was Rs 1,031.35 crore for the June quarter, against a consolidated loss of Rs 40.10 crore a year earlier and Rs 1,421.85 crore in the March quarter, a sequential fall of 27.46 percent. Consolidated profit before tax was Rs 1,380.24 crore against a pre-tax loss of Rs 63.58 crore and Rs 1,912.55 crore respectively, down 27.83 percent sequentially. Consolidated EPS was Rs 69.26 against a negative Rs 2.69 and Rs 95.48.
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Consolidated revenue from operations for the June quarter is identical to standalone at Rs 29,358.75 crore, and total expenses identical at Rs 28,010.89 crore. The entire difference between the two sets is the share of profit of joint ventures and associates, which came in at Rs 14.68 crore — down 10.92 percent from Rs 16.48 crore a year earlier and down 33.66 percent from Rs 22.13 crore in the March quarter. So the group contribution shrank in a quarter when the parent's own profit rose sharply year-on-year.
The consolidated entities are jointly controlled entities Indian Additives Limited and National Aromatics and Petrochemicals Corporation Limited, and associate Cauvery Basin Refinery and Petrochemicals Limited, consolidated by the equity method.
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